More than one third of U.S. merchants accept cryptocurrency payments — survey

The survey was conducted among 619 legal entities engaged in offline and e-commerce, the hospitality industry, luxury goods retail, and digital gaming. Nearly nine out of ten respondents (88%) reported customer requests to enable payment for goods and services using digital assets. More than two thirds of those surveyed (69%) said customers make such requests frequently — at least once a month.

Organizations that accept crypto assets for payments said that such transactions account for more than a quarter of all deals (26%), and about 72% of merchants reported an increase in crypto payments over the past year.

May Zabaneh, Vice President and Head of PayPal’s cryptocurrency division, believes that the ability to pay for purchases with cryptocurrencies alongside traditional bank cards or online transfers can attract more new customers to retail outlets.

“As data and conversations with our customers show, cryptocurrency payments have stopped being an experiment and are already becoming part of everyday sales. This is driven by customer demand for faster and more flexible payment methods, and once companies begin accepting cryptocurrency, people see real value in it,” Zabaneh said.

Large organizations are the most active in accepting crypto assets: they account for 50% of companies with annual revenues exceeding $500 million — compared with 34% of small businesses and 32% of mid-sized companies.

Survey participants cited the following advantages of accepting digital assets: transaction speed (45%), attracting new customers (45%), higher security levels (41%), and protection of customer privacy (40%). The leaders in the number of cryptocurrency payments were hotels and travel companies (81%), sellers of digital goods and games (76%), and retail trade (69%).

Last year, payments giant PayPal offered merchants the option to convert payments into its own U.S. dollar-backed stablecoin, PYUSD. In Russia, payments for goods and services using cryptocurrencies are prohibited — violators may face heavy fines.

See also: "By 2028, stablecoins could trigger a $500 billion outflow from U.S. bank deposits"

#crypto currencies #USA

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